It looks like Bulletstorm and Outriders developer People Can Fly are working on a Microsoft IP, but no one knows which one just yet. This comes from People Can Fly themselves via a statement provided to Polish financial site Interia Biznes, where the studio shared that the game currently has the title Project Maverick (via Eurogamer). All of the funding is coming from Microsoft, with a budget ranging from $30-50m.
There's no indication as to what IP Microsoft own that People Can Fly might be working on (it obviously won't be something like Fable, Forza studio Playground Games are handling that one). As Eurogamer posits, a new Gears Of War game wouldn't be entirely unsurprising, as People Can Fly did help develop Gears Of War: Judgement alongside Epic Games, and they handled the Windows port of the original Gears Of War before that.
You won't find much more to go off of in the statement itself, so really this does just boil down to "game developer making video game," which isn't all that surprising. But it might be a new addition to the suite of games that People Can Fly are making, as last year they announced it had seven projects in development. One of those is a title that Square Enix will be publishing, which also published Outriders. Another project was meant to be in the concept phase, so it's entirely possible this is the same project albeit actually greenlit. Game development is pretty secretive, though, so who knows if we'll actually find out?
People Can Fly don't have much else coming out in the near future, with the project presumably closest to release being Bulletstorm VR, a VR take on the studio's shooter from 2011. It doesn't currently have a release date yet, and People Can Fly are just on
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